Property and Liability Insurance - 1.2

• An employer is responsible for Workers Compensation in case the worker sustains injury while working for the employer. This 'is an example of ________ liability.
  Absolute
• In Fire Declaration policy, if declarations are not received within a specified period then :-
  The full sum insured under the policy shall be deemed to have been declared
• The owner of unimproved land is exposed to reduction in value of land.
  True
• ________ risks affect a larger strata of society e.g. unemployment, inflation etc.
  Fundamental
• What loss does an All Risk policy not cover?
  Arising from mildew , Arising from war
• If the policy is cancelled at the option of the Insurer, refund of premium shall be :-
  On pro-rata basis
• Proposal Form is to be signed by the agent.
  False
• Boiler Explosion Policy is issued for
  one year.
• Which of the following are tangible personal property?
  Pets , Furs , Motor cycle
• For extension of cover under Boiler Explosion Policy for Owner’s Surrounding Property the premium is charged
  25 % of basic rate.
• No claim bonus - Is a discount allowed on own damage premium at the renewal.
  Replacement of parts made of glass - Nil depreciation
  Depreciation / wear and tear - Is excluded from motor insurance policy
  Ambulance - Misc. type of vehicle
• Loss or damage due to willful misconduct of Assured can be covered by additional premium under ICC-A clause.
  True
• Minimum premium for open policy is :-
  Rs. 5,000/-
• There are three policies covering the same building, which is damaged due to fire and the loss incurred is Rs.60,000/-. If policy A covers a sum insured of Rs.300,000/-, B of Rs.200,000/- and C of Rs.100,000/-, then amount of claim payable under each policy will be :-
  A-30,000 B-20,000 C-10,000
• Which of the following are covered under electronic equipment insurance?
  Electronic data processing machine , Telecommunication equipment , Electro medical installations
• The insurance contract terminates after over side of goods from overseas vessel after the expiry of :-
  60 days
• External causes like carelessness of worker can be covered under Machinery Breakdown policy.
  True